| Since its beginning about one decade ago, Chinese hi-tech zones havewitnessed many great achievements. At present, these zones are facing a bigchallenging transformation from primitive inputs driven growth to investmentand innovation driven growth.The firms in these hi-tech zones were basically financed by governmentinvestment. However, the capital offered by government nowadays can notsatisfy the demand of those fast-growing hi-tech firms. At a result, many suchfirms are in great shortage of fund that is needed for their future development.It is shown in the article that a multiple-channel and multiple-levelcapital system with the concentration on the equity capital may provide anefficient balance between risks that hi-tech firms have to face and return thatthese firms possibly achieve, and consequently, relax their fund constraints.Zhongguancun Haidian hi-tech zone, which is located in the HaidianDistrict of Beijing, is the most famous one and a symbol of Chinese hi-techzones. Based on the above analysis, I tentatively offer some advice andsuggestions for the future growth of Zhongguancun hi-tech zone in the lastsection of the article. |
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